The Federal Pell Grant program is a need-based entitlement program that makes funds available to undergraduate students who are pursuing their first baccalaureate degree and are enrolled for at least three credits or more. Financial eligibility is determined by a standard formula established by Congress and used by the U.S. Department of Education to evaluate the information reported by students on their FAFSAs. Students. awards are based on their EFCs, costs of attendance, and enrollment statuses.

Federal Supplemental Educational Opportunity Grants are awarded to undergraduate students who demonstrate exceptional financial need relative to other applicants at the institution, with priority given to Pell Grant recipients. Awards are granted at the discretion of the institution, and are based on financial need and the availability of funds. FSEOG awards at Touro College will range between $100-$1,000 per year for academic year.

The Academic Competitiveness Grant provides up to $750 for the first year of undergraduate study and up to $1,300 for the second year of undergraduate study. The program became available for the first time for the 2006-07 school year for first year students who graduated from high school after January 1, 2006 and for second year students who graduated from high school after January 1, 2005. The Academic Competitiveness Grant award is in addition to the student's Pell Grant award.

To be eligible for an ACG each academic year, a student must:

• Be a U.S. citizen;
• Be Federal Pell Grant eligible;
• Be enrolled full-time in a degree program;
• Be enrolled in the first or second academic year of his or her program of study at a two-year or four-year degree-granting institution;
• Have completed a rigorous secondary school program of study (after January 1, 2006, if a first-year student, and after January 1, 2005, if a second year student);
• If a first-year student, not have been previously enrolled in an undergraduate program; and
• If a second-year student, have at least a cumulative 3.0 grade point average on a 4.0 scale for the first academic year.

If you are completing the Free Application for Federal Student Aid (FAFSA) online (www.fafsa.ed.gov), FAFSA on the Web will predetermine if you are eligible to answer the ACG questions.

If you have submitted a paper FAFSA and have received your Student Aid Report (SAR) indicating that you may be eligible to answer the ACG questions, please call the Federal Student Aid Information Center at 1-800-4FED-AID.

You may also contact the financial aid office at your school for assistance regarding ACG.

The National SMART Grant provides up to $4,000 for each of the third and fourth years of undergraduate study. The National SMART Grant award is in addition to the student's Pell Grant award.

To be eligible to receive a National SMART Grant, you must:

• Be a US citizen;
• Be eligible to receive a Pell Grant;
• Be enrolled as a full-time third or fourth year student in a baccalaureate degree program;
• Have a 3.0 cumulative grade point average;
• Be enrolled in an eligible major in one of the following categories: Computer Science, Engineering, Critical Foreign Languages, Life Sciences, Mathematics, Physical Sciences, Technology, or Multidisciplinary Studies? (Please click below to view complete list of eligible majors).

If you meet all of the above requirements and you have already submitted a FAFSA form, please contact the Financial Aid Office at your school to identify yourself as a potentially eligible student.

Federal Perkins Loans are low-interest (5%) campus-based loans offered to undergraduate and graduate students who demonstrate exceptional financial need (students with the lowest EFCs). The school is the lender. The loans are made with government funds, with a share contributed by the school, and are repaid to the school.

Loan amounts are determined by the institution based on financial need and the availability of funds. Touro students are currently permitted to borrow up to $1,000 for each year of study. The total outstanding debt for undergraduate borrowers is $20,000 for those who have completed two years of undergraduate work and $8,000 for those who have not. The total outstanding debt for graduate and professional students is $40,000, which includes any Federal Perkins Loans borrowed as an undergraduate.

Borrowers must sign promissory notes agreeing to repay their loans. There is a nine-month grace period given to borrowers after they graduate, leave school, or drop below half-time (6 credits). Borrowers are allowed up to ten years to repay their loans, with repayment beginning at the end of the grace period. Monthly payment amounts are determined by the size of the debt and the length of the repayment period.

Borrowers who fail to keep up with their repayment schedules will be required to pay late charges and collection costs until their payments are again current. Under certain circumstances, borrowers may receive a deferment or forbearance on their loans or may qualify for partial or complete cancellation of their loans.

Students who apply for and are granted deferments are allowed to postpone payments temporarily without interest accruing if, for example, they have become unemployed. Students ineligible for deferments but unable to keep up with their repayment schedules may apply for forbearance for limited and specific periods. Forbearance allows students to have their payments postponed or reduced in up to twelve-month intervals for up to three years. Repayment may also be cancelled for borrowers who have died or become totally or permanently disabled, etc.

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For more information on any of the above, students are advised to contact the Financial Aid Office.

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